Oil Crashing Into 1999 Levels

Oil Crashing Into 1999 Levels

This Monday is starting with a bang and Crude oil is down 40% in a single day, testing the 1999 price levels.

We are witnessing a historic market crash.

The 200-Fibonacci has almost been completed as well.

Everyone is holding their breath as oil is approaching the historic levels. How will the US respond? What does this mean for the Middle East? Only time will tell.

Although many traders approach me with the idea of buying crude, without seeing any signs of strength (or at least fading weakness) this is a ‘catch a falling knife’ trading idea which usually does not end well.

 

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